Amazon shares gain for a second session in a row on Thursday, company reported to be in search of second headquarter location

Amazon.com Inc (AMZN) reportedly revealed plans to open a secondary headquarters in North America. Estimated at more than $5 billion, the HQ2 is expected to employ 50 000 people.

Amazon shares closed higher for a second consecutive trading session on Thursday. It has also been the steepest daily surge since August 31st. The stock went up 1.21% ($11.67) to $979.47, after touching an intraday high at $980.56, or a price level not seen since September 1st ($984.50). In the week ended on September 3rd the shares of the e-commerce giant added 3.49% to their market value compared to a week ago, which marked the first gain in the past six weeks and also the best performance since the week ended on May 28th. The stock has trimmed its loss to 0.12% so far during the current month, following a 0.73% slump in August. The latter has been the second loss out of eight months, but yet, the smallest one since December 2016. For the entire past year, Amazon shares rose 10.95%. The stock has advanced 30.62% so far in 2017.

Meanwhile, Amazon also said it intended to open a Research & Development hub in Barcelona at the beginning of 2018. The hubs main focus is to be machine learning, while 100 researchers are to be located there.

According to CNN Money, the 37 analysts, offering 12-month forecasts regarding Amazon.com Inc’s stock price, have a median target of $1,150.00, with a high estimate of $1,275.00 and a low estimate of $640.00. The median estimate is a 17.41% surge compared to the closing price of $979.47 on September 7th.

The same media also reported that 34 out of 44 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 5 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Amazon stock are presented as follows:

R1 – $980.20
R2 – $980.94
R3 (Range Resistance – Sell) – $981.67
R4 (Long Breakout) – $983.87
R5 (Breakout Target 1) – $986.44
R6 (Breakout Target 2) – $987.53

S1 – $978.74
S2 – $978.00
S3 (Range Support – Buy) – $977.27
S4 (Short Breakout) – $975.07
S5 (Breakout Target 1) – $972.50
S6 (Breakout Target 2) – $971.41

By using the traditional method of calculation, the weekly levels of importance for Amazon.com Inc (AMZN) are presented as follows:

Central Pivot Point – $966.36
R1 – $996.39
R2 – $1,014.53
R3 – $1,044.56
R4 – $1,074.59

S1 – $948.22
S2 – $918.19
S3 – $900.05
S4 – $881.91